Phocas Financial Corp. Has $1.12 Million Stock Position in Agree Realty Co. (NYSE:ADC)

Phocas Financial Corp. decreased its holdings in Agree Realty Co. (NYSE:ADC) by 85.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 15,881 shares of the real estate investment trust’s stock after selling 89,840 shares during the quarter. Phocas Financial Corp.’s holdings in Agree Realty were worth $1,119,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in ADC. Versant Capital Management Inc raised its stake in shares of Agree Realty by 230.7% in the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 293 shares during the last quarter. Financial Life Planners purchased a new stake in Agree Realty in the 4th quarter valued at $44,000. MassMutual Private Wealth & Trust FSB lifted its stake in Agree Realty by 34.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock valued at $63,000 after acquiring an additional 230 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new position in Agree Realty during the 3rd quarter worth $75,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Agree Realty in the 3rd quarter worth $77,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on ADC shares. Royal Bank of Canada dropped their price target on shares of Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a research report on Thursday, February 13th. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Sunday, February 16th. Robert W. Baird upped their target price on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Wells Fargo & Company dropped their price target on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Finally, BTIG Research boosted their price objective on Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Agree Realty currently has a consensus rating of “Moderate Buy” and a consensus price target of $79.62.

Agree Realty Price Performance

NYSE ADC opened at $73.87 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The company has a market cap of $7.92 billion, a PE ratio of 41.50, a price-to-earnings-growth ratio of 2.88 and a beta of 0.65. Agree Realty Co. has a 52 week low of $54.28 and a 52 week high of $78.39. The firm’s 50-day simple moving average is $71.42 and its two-hundred day simple moving average is $73.54.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. Research analysts predict that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The company also recently declared a feb 25 dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be issued a $0.253 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a dividend yield of 4.2%. Agree Realty’s payout ratio is currently 170.79%.

Agree Realty Profile

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2023, the Company owned and operated a portfolio of 2,135 properties, located in 49 states and containing approximately 44.2 million square feet of gross leasable area.